The UK's No.1 Specialist Mortgage Advisors

A mortgage is a loan from a bank or building society that enables you to purchase property. The loan is repaid with interest over a number of years, with the term for doing this dependent on your personal financial circumstances.

A mortgage can be held by an individual or jointly between one or more people, but if you do not keep up your repayments, your home could be repossessed by the lender.

All mortgage lenders have their own criteria. The following factors all play a part in determining their mortgage offer and how much they are willing to lend to you:

• Amount you wish to borrow
• Size of your deposit
• Employment status and income
• Credit rating
• Outgoings
• Existing debt
• Your age
• Length of the mortgage term
• Your credit status
• If you are applying solely or jointly

In order to be accepted, you need to convince lenders that you are able to repay your mortgage. To do this, lenders typically use your credit report to check your repayment history. Your credit file will contain current and existing records on items such as credit cards, loans, overdrafts, mortgages, mobile phone/s, some utilities payments and all accounts opened in the past six years. If you have had arrears, defaults, CCJs, debt management plans or previously been made bankrupt, there are mortgage options available which we can help you with.

To get a mortgage, you will need to save a deposit of at least 5%. However, the more you can save, the better your rate will usually be. If you already own your own home, you can use the equity in your property for this. Our expert mortgage advisors can talk you through the benefits and the difference in your monthly payments by increasing your deposit.

Once you have found the property you want to buy, our mortgage advisors will assess your personal needs and circumstances and recommend a mortgage product that is right for you. They will compare hundreds of mortgage quotes, including a number of exclusive products that cannot be found on the high street or comparison sites, and ensure that you get the right deal at a great price.

If you are happy with the mortgage product your advisor recommends, you will pay an upfront fee to receive your Agreement in Principle (AIP). This will give you an approximate sum of how much the lender is willing to let you borrow, and enable you to put an offer in on your dream home.

If your offer is accepted, you will need to appoint a solicitor to handle searches, surveys and contracts, which we can arrange for you. We handle the entire mortgage application process through to completion, liaising with your solicitor and lender to ensure that your application is a success.

If you are looking to remortgage, then we recommend looking for a new mortgage deal around 3 months before your current deal expires. Starting early will give you plenty of time to compare all the available mortgage products and submit your application. If your mortgage is approved early there's no need to panic, as we will ensure that the completion date corresponds with your current deal's end date.

Most mortgage lenders will lend you up to five times your salary. However, this is dependent on a number of factors including your age, number of dependants and current financial commitments. Lenders generally work out how much they will lend you based on what you can realistically afford each month after you have paid your bills, credit cards, loans etc.

Our mortgage advisors can help you understand how much you can realistically borrow before an application or credit search is completed, by assessing your individual needs and circumstances. If you choose to proceed with an application, then our advisors will know which mortgage lenders to approach to ensure you get the required loan amount.

To buy a home with a mortgage, you will need to save a deposit of at least 5%. The more you can save, the better your mortgage rate will be. There are a few exceptions to this however as follows:

• If you already own a home, you can use the equity from your property for the deposit
• If you are a council tenant and are looking to buy your current home under the Right to Buy scheme, most mortgage lenders will now accept your Right to Buy discount as a deposit.

With property prices increasing, first time buyers are struggling to save enough money to buy a home. The government has therefore introduced 'Help to Buy' to enable first time buyers to get on the property ladder.

Our professional mortgage advisors are experts on all the various mortgage deals available and can help you decide which mortgage deal best fits your needs.

The amount you pay each month is dependent on the total cost of your property and the type of mortgage you have. The costs you may need to pay vary but typically include:

Interest: Accrues across the lifetime of the mortgage and is charged as a percentage rate on the amount you owe.

Mortgage fees: A product fee which is charged for taking out the mortgage.

Application fees: Charged on application, regardless of whether you take out the mortgage.

Valuation fees: Can be charged by lenders for calculating how much your home is worth.

Higher lending charges: Can be applied to mortgages that have a small deposit.

**Telegraphic transfer fees: **Charged by the bank for arranging to transfer the money they are lending you (usually to your solicitor).

**Broker fees: **Often charged if you use a broker to arrange your mortgage.

**Early repayment charges: **Can be charged if you repay your mortgage before the end of the agreed term.

**Exit fees: **Lenders can charge these if you move to a new lender.

**Missed payments: **These can be charged by your lender if you fail to keep up your repayments, which can increase the total amount you owe.

If you have a history of bad credit including; arrears, defaults, county court judgements (CCJs), debt management plans or bankruptcy, there are still mortgage options available. Your choice of mortgage lender and type of mortgage will however be limited, and the rate of interest will be higher than someone who has a good credit rating. Our expert mortgage advisors are in regular contact with adverse mortgage lenders and are well placed to advise you on all your available options.

Getting a mortgage application approved is dependant on you, your mortgage advisor, solicitor and lender. At CLS, we handle the entire process for you through to completion, communicating with your solicitor and lender to remove the stress and hassle from you and ensure that your application is a success. Having all the relevant mortgage documentation to hand ready for your mortgage advisor, will also help speed up the process.

To improve your bad credit rating, there are a few things you can do to possibly increase your chances of being approved for a bad credit mortgage:

• Check that you are on the electoral roll
• Always pay your bills on time and in full
• Close any credit accounts you have for stores or catalogues and no longer use
• Consider applying for a credit builder credit card, to help show lenders that you can manage money responsibly
• Guarantor loans can also improve your credit score, if you keep on top of your repayments
• Regularly check your credit report to make sure that all the information is correct. If any of the details are incorrect, contact the relevant lender and ask for these to be amended.

Making these changes should help improve your credit score, but it will not happen overnight, especially if you have a history of bad credit or have missed multiple payments.